Archive for the ‘United States’ Category

Relief From Uncle Sam

Thursday, November 13th, 2014

Uncle Sam has given US taxpayers living in Canada some relief when it comes to holding interests in RRSPs or RRIFs. Prior to the October 7, 2014 IRS announcement, US income tax would be payable by a US citizen or resident alien on income accruing in an RRSP or RRIF, even ...

Foreign Executors Must Be Careful to Follow the Rules

Thursday, June 12th, 2014

A recent decision of Justice D. M. Brown, Re Estate of Albert Applegath III, provides an overview of the necessary steps a foreign executor must take to have her authority recognized in Ontario. Albert Applegath III died a resident of New Mexico. His will appointed his wife, Clavis, as executor of ...

RRSP ASSETS AND THE CONCEPT OF ADVANTAGE.

Wednesday, May 7th, 2014

Recently, the Canada Revenue Agency (“CRA”) was asked if there was an advantage as defined in the Income tax Act (subsection 207.05(1) for those who care to look it up) in a situation where the annuitant of an RRSP trust which holds shares of a corporation uses an asset ...